Can't believe some of the crap being posted on here. Reading some of the posts you would suspect that these 'term time' holidays last about 6/7 weeks! A child in reception missing one week of the school year is not going to be disadvantaged purely because of that. They will be disadvantaged if they have a poor teacher and/or parents who think that education is something that only happens in a school. Cost is important and people should not underestimate the benefits of family spending quality time together. I agree that head teachers should have to authorise absence but should be done on a case by case basis. If you have kid that is frequently off through illness or truancy then they don't get the authority.
Friends of mine took their kids out of school when they were about 8 and 10 for a year and travelled across North America. They have both turned out to be great young adults.
Yeah I can't believe some of the crap from parents too.